ALEXANDRIA, Va. (March 19, 2020) – The National Credit Union Administration is reminding credit union members of the safety of their deposits in federally insured credit unions. The NCUA also reminds individuals to remain vigilant against COVID-19-related scams.
Federally insured credit unions offer a safe place for credit union members to save money. All deposits at federally insured credit unions are protected by the National Credit Union Share Insurance Fund, with deposits insured up to at least $250,000 per individual depositor. Credit union members have never lost a penny of insured savings at a federally insured credit union. Additional information on NCUA share insurance coverage for consumers is available at MyCreditUnion.gov (opens new window).
Credit union members can calculate the amount of insured funds at a federally insured credit union using NCUA’s Share Insurance Estimator (opens new window). The Estimator can be used for personal, business, or government accounts. Personal accounts include individual ownership, joint ownership, payable-on-death (accounts with named beneficiaries), living trusts, and IRAs. The Estimator also includes an extensive Glossary of Terms (opens new window) and Frequently Asked Questions (opens new window).
For questions about the NCUA’s share insurance coverage, call 1.800.755.1030, option 1, Monday through Friday, 8 a.m. to 5 p.m. Eastern, or send an email to DCAmail@ncua.gov.
The NCUA is also reminding individuals to remain vigilant against scams (opens new window) (You will be leaving NCUA.gov and accessing a non-NCUA website. We encourage you to read the NCUA's exit link policies. (opens new page).) related to the coronavirus. Cyber actors may send emails with malicious attachments or links to fraudulent websites to trick victims into revealing sensitive information or donating to fraudulent charities or causes. Exercise caution in handling any email with a COVID-19-related subject line, attachment, or hyperlink, and be wary of social media pleas, texts, or calls related to COVID-19. Visit NCUA’s Fraud Prevention Center (opens new window) for more information about frauds and scams, including how to report a scam.
I'm an expert in financial regulations and credit union operations with a wealth of knowledge in ensuring the safety of financial transactions. My understanding extends to the National Credit Union Administration (NCUA) and its role in safeguarding the interests of credit union members. Allow me to dive into the details of the article to provide comprehensive insights.
The article from March 19, 2020, emanating from Alexandria, Va., emphasizes the NCUA's efforts to reassure credit union members about the safety of their deposits in federally insured credit unions during the COVID-19 pandemic. The NCUA serves as the regulatory body overseeing federal credit unions, and its primary goal is to protect the financial interests of credit union members.
The key concepts covered in the article include:
-
Federally Insured Credit Unions:
- Federally insured credit unions are highlighted as secure places for members to save money.
- The National Credit Union Share Insurance Fund backs these credit unions, ensuring the safety of deposits.
-
Deposit Protection:
- All deposits at federally insured credit unions are stated to be protected by the National Credit Union Share Insurance Fund.
- The insurance coverage extends up to at least $250,000 per individual depositor, offering a financial safety net.
-
Zero Loss History:
- The article asserts that credit union members have never lost any insured savings at a federally insured credit union, emphasizing a track record of financial security.
-
Information Resources:
- Additional information on NCUA share insurance coverage for consumers is recommended to be available at MyCreditUnion.gov, demonstrating transparency and accessibility.
-
Share Insurance Estimator:
- Credit union members are encouraged to use the NCUA’s Share Insurance Estimator, which allows them to calculate the amount of insured funds at a federally insured credit union. This tool is versatile, applicable to personal, business, or government accounts.
-
Account Types and Glossary:
- The Share Insurance Estimator covers various account types, including individual ownership, joint ownership, payable-on-death accounts, living trusts, and IRAs.
- An extensive Glossary of Terms is provided to enhance understanding.
-
Contact Information:
- Information for questions about NCUA’s share insurance coverage is given, including a toll-free number (1.800.755.1030, option 1) and an email address (DCAmail@ncua.gov).
-
Vigilance Against Scams:
- The NCUA warns against COVID-19-related scams and advises individuals to stay vigilant.
- Specific attention is drawn to cyber threats, including malicious emails and fraudulent websites.
-
Fraud Prevention Center:
- The article directs readers to the NCUA’s Fraud Prevention Center for more information about frauds and scams, emphasizing the importance of awareness and reporting.
By covering these concepts, the article seeks to empower credit union members with knowledge about the safety of their deposits, encourage proactive engagement in protecting their financial interests, and provide resources to combat potential scams during the pandemic.
